Doosan Enerbility Co., Ltd. financial statements, 6 years: Back to a profit in 2023 after a net loss of KRW 453.1bn in 2022
Consolidated financial statements for 2020–2025 and the 2026 half-year report that Doosan Enerbility Co., Ltd. filed with DART, laid out by year. No interpretation or outlook.
Doosan Enerbility Co., Ltd. financial statements, 6 years: Back to a profit in 2023 after a net loss of KRW 453.1bn in 2022
The consolidated financial statements in the 2020–2025 annual reports that Doosan Enerbility Co., Ltd. (034020) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — the sign of net income changed in 3 years
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 8.86tn | — | −154.8bn | — | −1.8% | −838.4bn |
| 2021 | 10.99tn | +24.12% | 869.4bn | turned to profit | 7.9% | 645.8bn |
| 2022 | 15.42tn | +40.31% | 1.11tn | +27.23% | 7.2% | −453.1bn |
| 2023 | 17.59tn | +14.06% | 1.47tn | +32.65% | 8.3% | 517.5bn |
| 2024 | 16.23tn | −7.71% | 1.02tn | −30.65% | 6.3% | 394.7bn |
| 2025 | 17.06tn | +5.08% | 762.7bn | −25.05% | 4.5% | 205.2bn |
Revenue was largest in 2023 at KRW 17.59tn and smallest in 2020 at KRW 8.86tn among the six years. It fell from the previous year once: 2024 (−7.71%).
Operating income was largest in 2023 at KRW 1.47tn and smallest in 2020 at KRW −154.8bn. The operating margin was highest in 2023 at 8.3%.
Net income was largest in 2021 at KRW 645.8bn and smallest in 2020 at KRW −838.4bn.
2. Financial position — equity became 1.69x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 25.57tn | 7.11tn | 259.8% | 76.1% |
| 2021 | 23.72tn | 8.81tn | 169.3% | 83.1% |
| 2022 | 23.05tn | 10.08tn | 128.7% | 100.5% |
| 2023 | 24.64tn | 10.84tn | 127.3% | 100.5% |
| 2024 | 26.31tn | 11.66tn | 125.7% | 112.3% |
| 2025 | 27.51tn | 12.01tn | 129.1% | 106.6% |
The debt ratio was highest in 2020 at 259.8% and lowest in 2024 at 125.7%.
Over the same period total assets went from KRW 25.57tn to KRW 27.51tn (1.08x), and total equity went from KRW 7.11tn to KRW 12.01tn and became 1.69x.
The current ratio was below 100% in 2 years, 2020 and 2021 — in those years current liabilities exceeded current assets.
3. Cash flow — positive in all six years
| Fiscal year | Operating cash flow | Net income | ROE |
|---|---|---|---|
| 2020 | 295.2bn | −838.4bn | −11.8% |
| 2021 | 1.03tn | 645.8bn | 7.3% |
| 2022 | 625.1bn | −453.1bn | −4.5% |
| 2023 | 2.07tn | 517.5bn | 4.8% |
| 2024 | 242.2bn | 394.7bn | 3.4% |
| 2025 | 751.8bn | 205.2bn | 1.7% |
Operating cash flow was positive in all six years. It was largest in 2023 at KRW 2.07tn and smallest in 2024 at KRW 242.2bn.
ROE was highest in 2021 at 7.3% and lowest in 2020 at −11.8%.
4. Latest half-year report (end of H1, 64th fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 8.99tn | 8.32tn | +8.04% |
| Operating income | 547.8bn | 413.6bn | +32.45% |
| Net income | 286.6bn | 176.7bn | +62.24% |
| Finance income | 885.1bn | 663.6bn | +33.37% |
| Operating cash flow | −886.7bn | — | — |
At the end of the period, total assets were KRW 29.95tn, total liabilities KRW 17.28tn and total equity KRW 12.67tn.
The cumulative operating margin was 6.1%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: Doosan Co., Ltd., stake 30.39%
- No cash dividend was reported in the 2025 annual report
- Employees: 6,233, average pay per employee KRW 100m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-10-06; ratios divide the filed account amounts.
This article is for information only and is not investment advice.